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Sahara Energy Ltd Announces Proposed Financing


Thursday, 27 Jun 2013 05:27pm EDT 

Sahara Energy Ltd announced that it intends to raise up to CAD11.4 million by the issuance of common shares at a price of CAD0.12 per share, and on such other terms as are to be negotiated, to Aozhong Jiye Investment Holdings Limited. The proceeds of the financing are expected to be used for the acquisition of lands and for exploration and development drilling, as well as for working capital. Sahara has received a non-refundable deposit of CAD600,000 from the investor, pending completion of due diligence. At a minimum, 5,000,000 common shares are expected to be issued at CAD0.12 per share to the investor. Closing of the financing is expected to occur on or before August 30, 2013, subject to all required regulatory, director and, if required, shareholder approvals. 

Company Quote

0.045
0.0050 +12.50%
4 Jul 2014